Year 10 Marketing Definitions

The bringing together of buyers and sellers to exchange goods and services

a document which outlines the goals, the intended marking mix and the target market for the business

Studying the buyers and or sellers of a good service to provide the firm with information to increase its profits

The collection and collation of original data via direct contact with potential or existing customers

Information that has already been collected and is available for use by others

The specific group of potential buyers that the firm aims to sell to

A questionaire that gathers information about the target market

The essential elements of a good marketing strategy. The combination of product, place, price and promotion

The features of the good or service being sold

Increasing the awareness of the product to potential customers to persuade them to buy

The distribution channel which gets the product to the customer

What a buyer must pay to purchase the good or service

Where the price is the cost of making the product plus a profit mark-up

Where the price is the same as, or just below, what competing firms are charging

Where the price is set high because it’s a new product so it has ‘novelty value’

Where the price is set very low for a short time only

using numbers and decimals to make the customer believe the product is cheaper than it really is

Where businesses charge different prices for their products depending on which customers are buying them or when the products sell

Where the firm lowers the price of its product to encourage customers to buy it

discount or sale, interest-free terms, buy one get one free, using loss leaders

When a group of competing firms all reduce their price to try and have the lowest price

When a firm tries to increase sales by any method apart from reducing the selling price

Gift with the purchase, loyalty programmes, great service, location, branding, advertising, packaging, sponsorship

offering special deals for customers who continue to purchase from the firm or group of firms

Extra help from the firm provides to support customers using its good or services

The site of the business

Where colours, images or a logo are used to present a business or its product.

Paying a 3rd party to communicate details of your product or business to potential customers. Any form of paid promotion

The container in which the good is sold; how it is presented

A way of advertising where a firm provides finance to an event. Paying to have the name or brand of your product associated with a particular sport or organisation.

Brand, design quality, packaging and features

Where the price is set well below competitors prices in order to enter a new market

Increasing the awareness of the product to potential customers to persuade them to buy.

It informs customers about the product, where it is and what does. It persuades them to buy it

Attention, interest, desire and action

all things a firm offers apart from the product

firms may offer a prize to increase sales where the entracnce of the competition is the purchasing of a product

pricing a produt below the cost of production to attract customers to spend more on other products